BigBear.ai Surges After Winning $900 Mln Worth US Airforce Contract

(RTTNews) - Shares of AI-powered analytics and cyber engineering solutions provider BigBear.ai Holdings, Inc. (BBAI)are rallying more than 200% Thursday morning after the company said it received $900 million worth Indefinite Delivery/Indefinite Quantity (IDIQ) contract from the U.S. Air Force.

As per the terms of the contract, BigBear.ai can also compete for task orders supporting the research and development of new technologies, creation of rapid prototypes, capability testing, and solution implementation.

"This contract will allow us to continue our long-term partnership with the U.S. Air Force and support as a prime contractor in future opportunities," said Tony Barrett, President and General Manager of Federal Markets at BigBear.ai.

BBAI, currently at $2.84 has traded in the range of $0.58-$16.12 in the last 1 year.